Expert Insight - 9 potential investment sectors in Ghana
The African continent has become the most exciting global economic story over the past decade. That narrative has fuelled optimism in its member states, which are now vying for the attention of international investors and businesses. Ghana is one of those countries. In this Expert Insight Eric Osei, business analyst and author of the recently published book Doing Business in Ghana, lists 9 sectors that are great investment ideas.
- Also read: 10 reasons to do business in Ghana
Ghana is an emerging economy with great opportunities for startup businesses and larger investors. The recent discovery of oil, coupled with its traditional export of commodities like gold and cocoa, puts Ghana even more in the limelight. Moreover, the free trade policy - as part of government's effort to promote foreign businesses - has been significant to national development. Often the country's challenges are also the country's opportunities.
Ghana is generally considered as the well-behaved little brother of Nigeria by CFOs and investors from South Africa and across the globe. In this Expert Insight Eric Osei, business analyst and author of the recently published book Doing Business in Ghana, lists 10 reasons businesses should consider the friendly West African country.
- Waste management
There are a number of waste management companies in Ghana but the country is still battling with more filth than these companies can handle. To worsen matters, many Ghanaians are still in the habit of throwing refuse into drainages. You can make cool money in Ghana if you start a waste management business that offers to help people handle their wastes and refuse.
- Agriculture and farming
Food is one of the basic needs of man and anyone that ventures into food production is sure of a never ending demand. The steady growth of Ghana's population due to influx of investors, students and tourists will only help grow the demand for food.
Ghana has soils that can support a vast variety of food crops. And yet, the agricultural sector is one of the most underdeveloped in the country. The Ghanaian government hasn't done enough to explore the sector, which comprises only a few private companies. One can liken the agricultural industry in Ghana to a gold mine, as there's always a high demand for agricultural produce.
- Oil and gas
Following the discovery of oil in Ghana, the country is set to join the list of petroleum exporting countries. This oil sector, still very young in Ghana, is presently begging to be explored extensively. And there's almost no limit to the profit that players in this sector can make. Though starting an oil and gas business could be very expensive, you can venture into it if you have what it takes.
Internet access in Ghana is still very scarce and the few internet facilities available are far below average. Ghanaians are presently craving high quality internet services in their homes and offices. And they have no problems paying for such provided the quality is kept consistent. So, the ICT sector in Ghana is still underexplored, and you can make huge profits by launching a business that provides quality internet services.
- Food production
Starting a food processing business in Ghana is a smart and lucrative move. Better yet, you can start on a smaller scale by launching a small business or restaurant and snacks. This business is one of the easiest to start, and it's very profitable, too.
- Transport services
Transport is another necessity. So, if you are planning to start a business in Ghana, but you are yet to find a promising opportunity, the transport sector is an option.
- Real estate
Though an expensive sector to break into, the real estate business in Ghana is very lucrative. Following the discovery of oil in the Western part of Ghana, the nucleus of development and industrialisation is gradually shifting towards that region. So, you will probably make more money as a real estate investor if you focus on the oil-rich region.
- Financial services
The provision of financial services in Ghana is on the rise, currently there are about 30 banks in the country with most of them being foreign banks. This proves the extent to which foreign investors have built confidence in the Ghanaian economy.
This is another big industry in Ghana. Every year, the country plays host to many foreigners who come to behold the various tourist attractions in the country.